ETH Network Failures
The Ethereum network is often criticized for the number of failed transactions that result in users losing money. Recently, the Marketing and Communications Director of Blockstream, Fernando Nikolić, revealed that Ethereum users lost over $100,000 due to failed transactions. This amount was just for the top 10 transactions, indicating that there were more losses.
One user lost over $38,000 in gas fees from a single transaction, while the second user lost over $17,000. Generally, gas fees paid on the Ethereum network are non-refundable regardless of transaction success. Notably, eight of the transactions occurred back in May during the frenzy around the meme coin PEPE.
Ethereum Under Attack?
Nikolić referred to these failed transactions as “hot garbage,” adding to recent criticism from Bitcoin maximalists. However, these statements may be unrelated and merely reflect the belief among some Bitcoin enthusiasts that Bitcoin remains superior to Ethereum. At present, Ethereum is trading above $1,800, according to CoinMarketCap data.
Hot Take
The increase in failed transactions on the Ethereum network and criticisms from prominent figures in the crypto space are raising concerns about its scalability and security. Users are losing significant amounts due to these failures, which could impact trust in the network and its native cryptocurrency ETH.
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